Panama Canal Company v. Spencer M. Anderson, and Arthur Morgan

JONES, Circuit Judge.

The Panama Railroad Company was incorporated in New York in 1849. From 1905 until 1949, when it was dissolved, all of its stock was owned by the United States. The appellant corporation, Panama Canal Company, herein generally referred to as the Company, was created by the Panama Canal Company Act which the Congress enacted in 1948 and which is now Sections 245 to 258 of the Canal Zone Code. The Company is the successor to the Panama Railroad Company. Its stock, like that of its predecessor, is wholly owned by the United States. The appellees, 171 in number, are or have…